5 in 5 minutes - July 08th

Hong Kong startup news roundup

Animoca Brands, the Hong Kong-based mobile game developer with rights to characters such as Doraemon, Garfield and Astro Boy announced it has acquired TicBits for $5.4 million. It is reported that TicBits has over 750K active users and 11 million total downloads, the company generated a revenue of US$1.5 million in FY 2015.

Wireless communications company SKTelecom announced South Korea has launched its first Internet of Things network. More than four million things could be connected to the IoT network by the end of 2017. SKT will invest $86 million to develop in-house IoT services, focusing on tracking and monitoring.

The Singapore-based digital media company Migme received an additional US$1.5 million investment from Meitu, the China-based company known for its photo editing app, making Meitu a substantial shareholder of Migme, holding more than 5 percent of the company’s voting rights.

The University of Hong Kong and Hong Kong Science and Technology Parks Corporation (HKSTP) co-organised the DreamCatchers MedTech Hackathon 2016. The hackathon is a one-week event to come up with prototypes to solve medical needs. During the hackathon, young professionals and students from universities in Hong Kong teamed up with students from Stanford to solve eight unmet medical needs.

Nest officially launched the Infiniti Smart Cities Accelerator 2.0 earlier this week. 9 startups from 5 countries around the world joined to accelerate their businesses. The Infiniti Smart Cities Accelerator is a 12-week program dedicated to Smart Cities and IoT innovation. Accelerator teams will have access to the Infiniti and Nest ecosystem as well as mentorship from industry experts.

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